Hello traders, Gold in daily timeframe , this analysis has been prepared in daily timeframe but has been published for a better view in 2 day timeframe.
Based on the count we had, the main waves 1, 2 and 3 were counted and now we are inside wave 4.
Wave 4 is probably formed in the shape of a triangle and this triangle can be counted in two states of contraction...
The current trend in XAU/USD seems positive after bouncing off its long-term area of support (1752 – 1763) but gold is likely to struggle to find bullish momentum whilst below 1790 utill it cross and stay their.
A break above this area would place buyers in a good position to try and tackle 1800, at which point resistance is likely to be met on the way up to the...
The weekly view of gold is showing a flag pattern that gold has given breakout with confirmation and retested that. Now it will go long and it will go for new targets
Trade no recommended
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